for the first person who can explain to me why this is right and ethical and an act you could live with.
You make, about 45 MILLION a year. That's according to your tax return. Sure- some of that is investment income - but it's income. So, essentially you have close to 40 million in expendable income yearly. You know - that stuff that the rest of the world needs to spend on food, gasoline, entertainment, travel, clothes, bills, housing. *I've pulled 5 mill as the number dedicated to taxes **
Yet - you pay the same effective tax rate as someone who makes 70K a year - after they take their deductions if they itemize. And the same rate as someone who makes 40 K a year before or if they do not itemize.
That rate is roughly 14%. Of your Gross.
A person making 45 Million - that works out to be $675,000
Making 70 K - that works out to be $10,500
Making 40 K - that works out to be $ 6000
Who is getting the short end of the stick there?
And this is supposed to be a non-issue in the current GOP Primaries?
Tomorrow we will discuss the "race baiting' by several candidates.
Oh - and the links to keep on top of and complaining about the SOPA and PIPA issues are on the left margin .... go on - be heard!
Please don't get me started. I am paying out of pocket for A's tuition, but my salary means I can't deduct the full amount. I was always taught that at a certain salary, you could live a little easier. Let me tell you, I am in the wrong bracket.
ReplyDeleteNot anyone's fault! I went to college, have 'fostered' my career, have mentors. But I am also a single mother and don't play golf. Go figure.
If I give the argument, do I win the cookie even if the argument is bullchit? And I do believe that the vast majority of income was investment income? At least over several years for Romney. Argument is thus: If all these tax breaks for the wealthy who can afford to invest in companies were eliminated, they'd not invest in the companies and we'd lose research money, startup money, and jobs. Thank God that they have these breaks so that they DO invest thereby making these great returns on their investments that continue to make them wealthier.
ReplyDeleteThe above logic almost makes me want to blow cookies so I really think I deserve to win a cookie for having the fortitude to hold it back.
Here's the issue. The tax breaks have never been proven to increase the amounts invested. Where the hell else are they going to put their money? In the bank? At like 1% interest? Really? Nope, if we taxed them at fair rates, they'd continue to invest in the same things, the same businesses and our tax structure would be fairer and our national deficits less. But gee, if we eliminated the tax breaks for the rich that the Bush administration instituted to crank up the economy (my, THAT really worked great, eh?) then that would be considered "class warfare." Sheez, whatever.
I was gonna say something but she already apparently said it for me...so THERE !!
DeleteAs I've been hiding my head in the sand, this reply is a week behind times. Sorry. As a member of that "really poor" (will realize less than $12,000 this year), I find the concept of $40 million A YEAR in expendable income out of the scope of my frame of reference. And that entitled twit has the balls to say there are 'safety nets' for folks like me. Balls to HIM. Pbbbbllllt. I sent Romney an email, which I'm positive will never see light of day nor be read by him. I'll privately send you that missive for your amusement. Why shouldn't those ultra rich assholes get the same tax breaks as the rest of us? Shoot. Their brand new Bentleys, Porches, Jaguars and Mercedes might need some work, their kid might actually turn out to be a coke head (like Bushie Wushie), their yatch (the one they bought as a tax dodge because once a year they take their corporate big wigs for a sail) might need the name re-painted on it. Their old lady -- sorry too blue collar a word -- their SPOUSE might need her annual visit to that exclusive spa where they powder her behind with gold dust so she can actually say her shit is gold... You know. These little things add up... Worrying about trifling matters such as a safe place to live, some food on the table, where the light bill money is going to come from, and affordable health insurance is for those little people who make the lives of the uber rich POSSIBLE. Aw gee. I ranted. Again, I apologize.
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